Page:United States Statutes at Large Volume 90 Part 1.djvu/1560

 9 0 STAT. 1510

PUBLIC LAW 9 4 - 4 5 2 — O C T. 2, 1976 " (C) in exchange for all of its stock in an exchange described in section 1101(c)(2) or (c)(3). "(2) LIMITATIONS.—

12 USC 1841 °°*®-

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" (A) A bank holding company shall not be a qualified bank holding corporation, unless it would have been a bank holdi n g company on July 7, 1970, if the B a n k H o l d i n g Company Act Amendments of 1970 h a d been in effect on such date, or unless it is a bank holding company determined solely by reference to— " (i) property acquired by it on or before July 7, 1970, " (ii) property acquired by it in a distribution in which gain to such corporation with respect to the receipt of such property was not recognized by reason of subsection (a) or (b) of section 1101, or " ( i i i) property acquired by it in exchange for all of its stock in an exchange described in section 1101(c)(2) or (3). For purposes of this subparagraph, property held by a corporation having control of the corporation or by a subsidiary of the corporation shall be treated as held by the corporation. " (B) A bank holding company si.all not be a qualified bank holding corporation by reason of property described in subparagraph (B) of paragraph (1) or clause (ii) of subparagraph (A) of this paragraph, unless such property was acquired in a distribution with respect to stock, which stock was acquired by such bank holding company— " (i) on or before July 7, 1970, " ( i i) i n a distribution (with respect to stock held by it on July 7, 1970, or with respect to stock in respect of which all previous applications of this clause are satisfied) with respect to which gain to i t was not recognized by reason of subsection (a) or (b) of section 1101, or " ( i i i) in exchange for all of its stock in a n exchange described in section 1101(c)(2) or (3). " (C) A corporation shall be treated as a qualified bank holding corporation only if the Board certifies that it satisfies the foregoing requirements of this subsection. "(3)

26 USC 368.

12 USC 1843.

CERTAIN SUCCESSOR CORPORATIONS.—For purposes of t h i s

subsection, a successor corporation in a reorganization described in section 368(a)(1)(F) shall succeed to the status of its predecessor corporation as a qualified bank holding corporation. " (c) PROHIBITED PROPERTY.—For purposes of this part, the term 'prohibited property ' means, i n the case of any bank holding company, property (other than nonexempt property) the disposition of which would be necessary o r a p p r o p r i a t e to effectuate section 4 of the B a n k H o l d i n g Company Act if such company continued to be a bank holding company beyond the period (including any extensions thereof) specified in subsection (a) of such section. The term 'prohibited property ' also includes shares of any company not in excess of 5 percent of the outstanding voting shares of such company if the prohibitions of section 4 of such Act apply to the shares of such company in excess of such 5 percent. " (d) NONEXEMPT PROPERTY.— For purposes of this part, the term 'nonexempt property' means— " (1) obligations (including notes, drafts, bills of exchange, and bankers' acceptances) having a m a t u r i t y a t the time of issuance of not exceeding 24 months, exclusive of days of grace,

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